CUT BANK, MT,
May 30, 2013 /CNW/ - Mountainview
Energy Ltd. (TSXV: MVW) ("Mountainview" or the
"Company") is pleased to announce that it has filed its
financial statements and related Management's Discussion and
Analysis for the three months ended March
31, 2013, which are available for review at
www.sedar.com.
Mountainview is also pleased to provide an
operational update on the Company's 12 Gage Project in the
Williston basin. The Company
has now successfully completed its winter drilling program and has
placed all three wells on production.
The Wigness 5-8-1H well, the first horizontal
Three Forks well in the winter
drilling program, has produced for 94 days. The Wigness well
averaged productive capacity of 221 boe/d (92% oil) over the last 7
days of production and 217 boe/d (93% oil) over the last 30 days of
production, respectively.
The Leininger 3-10-1H well, the second
horizontal Three Forks well in the
winter drilling program, has produced for 75 days. The Leininger
well averaged productive capacity of 242 boe/d (93% oil) over the
last 7 days of production and 248 boe/d (93% oil) over the last 30
days of production, respectively.
The Olson 35-26-1H well, the third horizontal
Three Forks well in the winter
drilling program, has produced for 47 days. The Olson well
averaged productive capacity of 256 boe/d (93% oil) over the last 7
days of production and 274 boe/d (85% oil) over the last 30 days of
production, respectively.
References to productive capacity relate to the
fact that the Company is successfully marketing the
above-referenced oil production and is actively looking for
opportunities to market the above-referenced gas production.
Through its wholly-owned subsidiary Mountain
Divide, LLC ("Mountain Divide"), Mountainview holds: (a) a 93.75%
working interest in the Wigness Well, 25% of which is subject to
reversion to another working interest owner following payout of
100% of the cost of their proportionate working interest costs in
the well plus a 200% penalty; (b) an 87.51% working interest in the
Leininger Well, 3.12% of which is subject to reversion to another
working interest owner following payout of 100% of the cost of
their proportionate working interest costs in the well plus a 200%
penalty; and (c) a 62.27% working interest in the Olson Well,
16.37% of which is subject to reversion to another working interest
owner following payout of 100% of the cost of their proportionate
working interest costs in the well plus a 200% penalty. Pursuant to
Mountain Divide's credit facility, all of Mountain Divide's oil and
gas properties located in Divide County,
North Dakota (including the lands on which the Wigness well,
the Leininger well and the Olson well are situated) are subject to
a 39% after pay-out net profits interest held by Mountain Divide's
lender under the credit facility. These payments shall not
commence until repayment in full of the outstanding amounts owed
under the credit facility and will automatically reduce to 20% once
the lender achieves a 1.65 x return on investment.
About Mountainview
Mountainview Energy Ltd. is a public oil and gas
company listed on the TSX Venture Exchange, with a primary focus on
the exploration, production and development of the Bakken and Three
Forks Shale in the Williston Basin
and the South Alberta Bakken.
CAUTIONARY STATEMENTS
Initial Production Levels
Any references in this news release to
initial, early and/or test or production/performance rates and/or
"flush" production rates are useful in confirming the presence of
hydrocarbons, however, such rates are not determinative of the
rates at which such wells will continue production and decline
thereafter. Additionally, such rates may also include recovered
"load oil" fluids used in well completion stimulation. While
encouraging, readers are cautioned not to place reliance on such
rates in calculating the aggregate production for the Company. The
initial production rate may be estimated based on other third party
estimates or limited data available at this time. In all cases in
this press release initial production or test are not necessarily
indicative of long-term performance of the relevant well or fields
or of ultimate recovery of hydrocarbons.
Forward-Looking Statements
This press release may contain
forward-looking statements, including, without limitation,
information related to the production rates and marketing
efforts. By their nature, forward-looking statements are
subject to numerous risks and uncertainties, some of which are
beyond the Company's control including the impact of general
economic conditions, industry conditions, volatility of commodity
prices, currency fluctuations, environmental risks, competition
from other industry participants, the lack of availability of
qualified service providers, personnel or management, stock market
volatility and ability to access sufficient capital from internal
and external sources, inability to meet or continue to meet listing
requirements, the inability to obtain required consents, permits or
approvals and the risk that actual results will vary from the
results forecasted and such variations may be material.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The Company's
actual results, performance or achievement could differ materially
from those expressed in or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits the
Company will derive therefrom.
The forward-looking statements contained in
this press release are made as of the date of this press
release. Mountainview disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Additionally,
Mountainview undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of
the matters discussed above.
The forward-looking statements contained in
this press release are made as of the date of this press
release. Mountainview disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Additionally,
Mountainview undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of
the matters discussed above.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Mountainview Energy Ltd.